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Article: Mortgage Rates Hit 6 Percent, and Climbing
- Article from:
- AP Online
- Article date:
- October 13, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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ALEKSANDRS ROZENS, AP Business Writer
AP Online
10-13-2005
Dateline: NEW YORK
Americans may have seen the last of long-term mortgage rates below 6 percent, and borrowing costs for home buyers likely will climb further, slowing frenetic demand that has stoked U.S. housing in recent years.
Realtors have spotted a drop in the appetite for housing in recent months, and a survey of lenders from Freddie Mac on Thursday found that rates for 30-year mortgages _ a popular home loan _ have crested 6 percent for the first time since March.
"The most likely pattern is for mortgage rates to gradually rise over time. It is likely that they'll hover at 6 percent or just a bit over," said Frank Nothaft, ...